Dukascopy - Analytics


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XAU/USD fails to penetrate weekly S1

© Dukascopy Bank SA
"Investors exited gold ETPs ahead of the FOMC meeting."
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)

Pair's Outlook
XAU/USD cross remains trading in the vicinity of two major technical levels that are located at 1,160 and 1,145, correspondingly. Still, Gold remained under increased bearish pressure back on Tuesday as short traders attempted to push the bullion below the weekly S1. However, a failure to do so resulted in a bounce back towards the 1,150 mark. Judging from technical indicators, the precious metal will continue developing downwards, but a fall below 1,134 (monthly S2) is highly unlikely to happen in the short-term. 

Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (75%, 1% since yesterday) has a strong advantage over the bearish ones at the moment.  

© Dukascopy Bank SA

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